Entering the World of Work

Section 1: Technology Basics

Math Practice Step-by-Step

Follow these steps to solve the Section 15.1 Math Practice problem.

Interest
Figure It Out  You purchase software and accessories for your computer. You borrow $1,200 at a rate of 0.20 that is calculated monthly. You pay for the equipment over a 12-month period. What is the interest? What is the total cost of the accessories?

Step 1  Multiply the loan amount by the rate of interest to determine the interest each year.

Step 2  Multiply the interest each year by the term. This is the total number of interest.

Step 3  Add the loan amount with the total interest. This is the total amount of the accessories.